An inheritance can come unexpectedly, sometimes making a difficult time even harder. Besides dealing with the loss of a loved one, you are suddenly immersed in administrative tasks and legal details that can quickly become overwhelming. This is all the more so if you are heir to a house you don’t want to keep. Perhaps the property is far from your home and will be a burden to take care of, or you may just prefer to receive money. Regardless of the reason, it is possible to sidestep the months of waiting for the court to officially put your name on the deed and sell the house before probate is granted. Let’s take a look at the details you need to consider and the primary steps to take to get the house sold.
Saying goodbye to your home can be an emotional experience, even if you’re moving on to greener pastures. Not only will you have memories to process and people to see as you plan your move, but you’ll also have several tough decisions to make about the sale itself. Choosing a real estate agent to represent you is one, and California’s real estate commission rates may influence that decision. Setting the price for your home is another. But, deciding whether to fix your house or sell it as-is, especially if it’s in need of a lot of work, is one of the tougher choices you’ll have to make. There are several factors to consider and they all have the potential to positively, or negatively, impact whether your house sells. To determine which option is best for you, it’s helpful to take a closer look at each.
When the unexpected happens, like a debilitating illness, the loss of a job, or divorce, the burden to care for yourself and your family can become so great that your financial obligations have to take a back seat. Sometimes that includes making the mortgage payments on time, if you’re able to at all. Miss too many payments, however, and you could find the bank taking action against you by filing for a foreclosure with the court. Trying to decide what to do if your house is being foreclosed on can just add to the confusion, disappointment, and grief you and your family may already be feeling. If you’re in this situation, take heart. There are reputable resources available throughout California that are designed to help homeowners who are facing foreclosure—no matter the reason why.
A rental property can be a great source of passive income, but the time may arrive when it’s outlasted its benefit. Maybe you’re retiring, have family or financial issues, or perhaps you’re simply tired of being a landlord. But selling a property with tenants in residence is not as easy as calling up your favorite real estate agent. As a landlord, you have responsibilities to your tenants and they have rights that you do not want to interfere with. It’s important to know what your tenants’ rights are and how they could negatively affect your ability to sell your rental property. Even though California landlord laws can make it challenging, it’s not impossible to find a buyer who can handle the complexities of taking on your rental—and your tenants.
California’s real estate market always seems to be one of the hottest in the country. Things have cooled off a bit recently, but if you live anywhere in the Golden State—especially in hot spots like Fresno and the San Joaquin counties—you’ve probably noticed that a lot of homes are still flying off the shelves. In fact, part of the reason you may have decided to sell your home is because it seems like a great time to do it. But that can just make it more confusing, even frustrating, if your house is not selling. Fortunately, it may just be an issue of strategy—and there are several ways you can change that up to gain more buyer attention.
Going through probate is often lengthy and confusing, full of legal procedures and unclear rules. And, when it’s over, you end up with a property that you may not know what to do with or even want. Perhaps the inherited house is far away from your own home, needs costly repairs, or has to be divided between multiple family members. Whatever the case, it seems the best solution is to sell as quickly as possible. But can you?
The good news is that if you are inheriting a house that you would prefer to sell rather than own, you often can. But selling a house before probate is granted is different than a usual real estate sale, so you’ll need to be smart about how you go about it. You may be able to find a qualified real estate agent to help you get it sold or perhaps even do a ‘For Sale by Owner’ deal. Either way, you’ll have to navigate certain rules, which might be challenging. Let’s take a look at your options—including one that you might not have considered before.
When it’s time to sell your home, one of the first, and most important, choices you’ll make is whether or not to use a real estate agent. Of course, that decision will necessarily be influenced by the cost of doing so, and the service you can expect to get in return for the fees you’ll pay. To make matters a little more complicated, California real estate commission rates are no longer one size fits all. You could go with a flat-fee service, a discount brokerage, or a full-service firm. The costs for each can vary widely for sellers, making it worth your time to compare the options carefully. But, remember that the old adage is often true: Sometimes, you get what you pay for.
If you’ve missed a mortgage payment or two and are concerned that the bank may foreclose on your home, take heart. There are things you can do to avoid foreclosure. No one wants a home foreclosure—neither you nor your lenders. Your lender wants payment, not a house. They may be flexible in helping you keep your home. If all else fails, you may find that selling your house is the best solution for you.